Post by: John Milios


Value, Fictitious Capital and Finance.The timeliness of Karl Marx’s Capital

9 Aug , 2019  

Capitalism was always, and will never cease to be exploitative, domineering, speculative. But it will not disintegrate or decay due to its exploitative, domineering, speculative character, certainly not due to the supposedly specifically “predatory” function of the financial sphere – as opposed to the “productive role of industry”. It will ...

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On the Question of Money Endogeneity: Marx vs. the Post-Keynesians

24 Feb , 2019  

This paper argues that the conception of ‘money endogeneity’ formulated and defended by Post-Keynesian economists can be founded on a coherent and theoretically sound way only on the basis of Marx’s theory of value, which the author comprehends as the par excellence monetary value theory. The Marxist reformulatio of the ...

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“Third Persons” and Reproduction: A Note to R. Luxemburg’s Critique of Marx’s Reproduction Schemes

5 Feb , 2019  

“Third Persons” and Reproduction:

A Note to R. Luxemburg’s Critique of Marx’s Reproduction Schemes

George Economakis and John Miliosi


The aim of the present paper is to critically present Rosa Luxemburg’s critique to Marx’s reproduction schemes of a pure capitalist economy in Volume 2 of Capital, as a ...

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150 years Karl Marx’s “Capital”

24 Jan , 2019  

150 years after its publication, Marx’s Capital remains stunningly relevant today. In essence, it is a research program launched by Marx without ever having been completed, and which is basically an ongoing project, as its object is, as Marx himself explains, the “ideal average” of the capitalist system, the causal ...

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Demystifying Finance: How to understand financialization and think of strategies for a good society

4 Jan , 2019  

Dimitris P. Sotiropoulos
John Milios
Spyros Lapatsioras

  1. Introduction
    In a recent special report of the Economist on financial risk it was argued that “the idea that markets can be left to police themselves turned out to be the world’s most expensive mistake.”1 This rather unexpected remark reflects the fundamental

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150 years Karl Marx’s “Capital” Reflections for the 21st century

1 Nov , 2018  

Olympia Hall – Garden of Zappio- Athens – Greece

According to the above argumentation, the ‘products’ of financial innovation, even during the period just before the crisis when derivatives spiked, should not be considered as products of a perverted imagination with the sole aim of bypassing regulatory ...

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Heterodox Economics vis-à-vis Crisis and Finance. Speculation of the ‘absentee rentier’ or Mechanism of disciplining social action?

23 Sep , 2018  

The 2007-2008 financial crisis is without precedent in the post-war period, a fact acknowledged by the majority of economists. At the same time, the crisis is a ‘marginal moment’ which unveils and helps us rethink the workings of contemporary capitalism. The latter is mostly grasped under the term of financialization ...

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On the Character of the Current Economic Crisis

15 Sep , 2018  

Spyros Lapatsioras,1 Leonidas Maroudas,2 Panayotis G. Michaelides,3 John Milios,4 D. P. Sotiropoulos,5

1. Introduction

In the third chapter of Capital Marx observed: “As long as the social character of labour appears as the money existence of the commodity and hence as a thing outside actual production, monetary crises, independent of ...

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The Origins of Capitalism as a Social System

13 Sep , 2018  

Chapter 1 highlights the fundamental characteristics that, in their interconnectedness, distinguish capitalism from all other social systems: (i) wage labour, (ii) monetization of the whole economy (money-begetting money), (iii) concentration of the means of production and dissociation of the capitalist from the labour process as such, (iv) free competition and ...

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Internationalisierung des Kapitals und Nationalstaat.

30 Aug , 2018  

Internationalisierung des Kapitals, Gesamtkapital und Nationalstaat

Der Begriff “Internationalisierung des Kapitals” impliziert in der marxistischen Theorie zwei verschiedene Interpretationen der kapitalistischen Weltwirtschaft: Die meisten Analysen verstehen sie als einen Ausdruck des internationalen Charakters der Kapitalbeziehung; die kapitalistische Weltökonomie wird als eine einheitliche Struktur, in die die Nationalökonomien und die Nationalstaaten ...

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Imperialism or (and) Capitalist Expansionism

16 Aug , 2018  


This paper critically reviews some fundamental theses of the theories of imperialism. It claims that a theory of imperialism, if based on Marx’s theory of capitalism, shall on the one hand reject the traditional monopoly-capitalism approach and on the other adopt a broader definition of imperialism, denoting the (economic, ...

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Transcending the nation: a communist strategy in the era of globalization. A reply to Velissariou

18 Jul , 2018  

Neoliberalism and austerity are not ‘false policies’, but strategies of increasing profits by reducing labor and welfare costs. In the process of dismantling labor rights and the welfare state, a part of the population is being marginalized. It becomes ‘superfluous’, and its livingconditions approach those of the inflowing refugee ...

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